“Success is not final; failure is not fatal: it is the courage to continue that counts.” -Winston Churchill
One of the excellent avenues for financial freedom is through real estate investments. It is precisely because of this fact that many investors have decided to take their exploits and endeavors in dealings with real estate. However, while real estate investments may seem like a lucrative business that yields incredible profits, it would take an ingrained sense of commitment, dedication and hard work before any level of success is achieved through it. Unfortunately, some individuals are under the erroneous belief that an investment in real estate is a quick way to earn big bucks, but this is hardly the case. When an investment fails, or a particular deal does not go through, most individuals would shake their hands and give up altogether. The truth is, real estate investment is not a game of chance where the logistics and mechanics are as simple as rolling a dice. No matter how lush the property you are selling is, whether it may be in Cloverleaf or elsewhere, there is no absolute guarantee that you will be successful in your endeavors—even if you meticulously follow a guide step by step. However, here are a few of the reasons you are bound for failure:
1.) Lacking persistence
Essentially what makes successful real estate investors so accomplished is their relentless perseverance and persistence—in this field of business, it is not only useful but necessary as well. You might never know it, but you might have been so close to achieving success only to give up at the last minute—without understanding the real potential of your outcome. Lacking perseverance would be a fatal failure in real estate investing, so you might want to try your luck elsewhere if you do not possess enough grit to persist and persevere.
2.) Lack of knowledge
If you want to succeed in any business at all, it would require you to be knowledgeable in its field of study. This is particularly the case when it comes to real estate investments. Never go into real estate deals without first picking up a book that is substantially filled with information you need, looking at the population data, master plans, income levels and the like. Furthermore, remember that you can always learn more, so never stop researching and studying.
3.) Not having any objectives or following them through
Having objectives is paramount to the success of your real estate endeavors. It would serve as the blueprint of your plans in navigating about the dealings and ways of your current and potential investments. However, it is not enough that you have a set of objectives, you also need to be able to follow them through. Lacking objectives does not give you a clear purpose and would often leave you confused as to where to go. As a result, you would be flip flopping all the time. Take note; real estate investments require hard work, you cannot “whing” it all the time.
4.) Unclear exit strategy
Before you buy a property, you should already have a rough idea of what you would want to do it. Deciding what to do only when you view the market a couple of years after would mean that you are unclear on your strategic moves which would often lead to complications and issues. Plan your exit strategy before buying a property as this would mean you are not only well-prepared but shrewd in your investments as well.